Northcoast Research Initiates Coverage on Mohawk Industries, Inc. (MHK)
Northcoast Research initiated coverage on shares of Mohawk Industries, Inc. (NYSE:MHK) in a note issued to investors on Thursday. The brokerage set a “buy” rating and a $295.00 price target on the stock. Northcoast Research’s price target would indicate a potential upside of 14.89% from the company’s current price.
Other equities analysts also recently issued reports about the stock. MKM Partners reaffirmed a “buy” rating and set a $286.00 target price (up from $255.00) on shares of Mohawk Industries in a research note on Wednesday, August 2nd. BidaskClub downgraded shares of Mohawk Industries from a “buy” rating to a “hold” rating in a research note on Sunday, July 30th. Instinet reaffirmed a “buy” rating and set a $288.00 target price (up from $280.00) on shares of Mohawk Industries in a research note on Saturday, September 30th. Nomura reaffirmed a “buy” rating and set a $288.00 target price (up from $280.00) on shares of Mohawk Industries in a research note on Thursday, September 28th. Finally, Credit Suisse Group started coverage on shares of Mohawk Industries in a research note on Thursday, June 22nd. They set an “outperform” rating and a $274.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Mohawk Industries has an average rating of “Buy” and an average price target of $270.33.
Shares of Mohawk Industries (NYSE:MHK) opened at 256.77 on Thursday. The stock has a 50 day moving average of $251.74 and a 200-day moving average of $242.00. The company’s market capitalization is $19.09 billion. Mohawk Industries has a 12-month low of $175.52 and a 12-month high of $259.91.
Mohawk Industries (NYSE:MHK) last posted its quarterly earnings results on Thursday, July 27th. The company reported $3.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.60 by $0.12. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.45 billion. Mohawk Industries had a net margin of 10.54% and a return on equity of 16.45%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $3.47 earnings per share. Equities research analysts forecast that Mohawk Industries will post $13.50 EPS for the current year.
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In other Mohawk Industries news, Chairman Jeffrey S. Lorberbaum sold 19,700 shares of Mohawk Industries stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $254.95, for a total transaction of $5,022,515.00. Following the completion of the sale, the chairman now directly owns 21,396 shares in the company, valued at $5,454,910.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Rodney David Patton sold 137 shares of Mohawk Industries stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $246.78, for a total transaction of $33,808.86. Following the sale, the vice president now owns 6,924 shares of the company’s stock, valued at $1,708,704.72. The disclosure for this sale can be found here. 17.00% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in MHK. Sun Life Financial INC grew its holdings in shares of Mohawk Industries by 5,675.0% in the second quarter. Sun Life Financial INC now owns 462 shares of the company’s stock valued at $112,000 after purchasing an additional 454 shares in the last quarter. First Personal Financial Services grew its holdings in shares of Mohawk Industries by 6.6% in the second quarter. First Personal Financial Services now owns 568 shares of the company’s stock valued at $137,000 after purchasing an additional 35 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Mohawk Industries by 18.6% in the second quarter. IFP Advisors Inc now owns 625 shares of the company’s stock valued at $151,000 after purchasing an additional 98 shares in the last quarter. First Manhattan Co. acquired a new position in shares of Mohawk Industries in the second quarter valued at approximately $160,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Mohawk Industries in the first quarter valued at approximately $179,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.
About Mohawk Industries
Mohawk Industries, Inc is a flooring manufacturer that creates products for residential and commercial spaces around the world. The Company’ segments include Global Ceramic, Flooring North America (Flooring NA) and Flooring Rest of the World (Flooring ROW). Its manufacturing and distribution processes provide carpet, rugs, ceramic tile, laminate, wood, stone, luxury vinyl tile and vinyl flooring.
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